Find out 4 tips for the control of accounts payable and receivable
For a company to do well and achieve a good position in the services market, it is necessary to seek new ways to evolve its processes and ensure the good performance of internal activities.
Among the areas of the company that require attention, one of the main ones is the finance department. This is because it is responsible for ensuring the balance between the investments, expenses and earnings of the business, enabling the institution’s sustainability.
For this reason, the leaders should know about some topics that involve this area, such as the control of accounts payable and receivable. This measure enables generating a greater security when carrying out new projects, always allowing the enterprise’s financial health to be maintained.
If you still haven’t learned about this topic, we have prepared this article with the 4 best tips on how to do this management. Read on!
1. Record each transaction
The first tip for you to be able to carry out a good control of accounts payable and receivable is to record each transaction.
In the case of accounts payable, it is possible to find direct expenses, which refer to expenses with labor, raw material and sales commissions. In addition to these, we have the fixed bills, which refer to salaries, water and electricity bills, and accountant’s salary, among others.
As for accounts receivable, they are related to revenues from products and services. The record should also include future receipts or amounts that the company is yet to obtain.
2. Track records monthly
You should also track the records monthly. For this to be done in an organized way, it will be necessary to use some tools, such as the famous spreadsheets, which help in scheduling the frequency of records.
By studying the data and information collected, it is possible to create an analysis of financial processes and compile the results month by month. That way, it is possible to know if the number of accounts is decreasing or increasing and how much revenue was spent by the company.
3. Negotiate the accounts
For both accounts payable and receivable, there is the possibility of seeking their negotiation. This can be a great strategy if your company does not have the revenue needed to pay off some of the business’ debts, for example.
Through some negotiation resources, such as the use of loans, it is possible to maintain the enterprise’s sustainability.
4. Search for automation software
The use of technologies has become quite recurrent nowadays. This is due to the numerous benefits provided by these resources, such as process optimization and increased productivity of employees.
Following this idea, automating the accounts payable and receivable control activities is a good way to ensure information security and allow data to be stored and processed strategically and productively.
If you want to carry out this deployment, don’t forget to understand what your company’s demand is. Moreover, relying on partners that have the expertise in this segment is essential, as is the case of companies that offer management software.
These were the main tips on how to control accounts payable and receivable. By putting them into practice, you will realize how important they are to ensure the stability and success of the financial sector of your segment.
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